The Building BITE

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Ted Way, SVP at Gallagher. We begin the episode by discussing Ted’s professional career, where he had great exposure to the Insurance Industry through his father who worked in a regional brokerage. Realizing he had more to learn within insurance, Ted left the brokerage and went to work as an underwriter before he ultimately found himself at Gallaghers Construction Group in 2017. Ted then shares some of his experience within the Builders Risk Market where he leaves our audience with the following takeaways: 1. Budget Early and Budget Often: Underwriting construction projects is a fluid process and relies on a variety of factors. Don’t let your budget remain stagnant when it comes to insurance. By regularly updating the budget and updating your project details, you provide the most accurate and updated information for underwriting which will enable you to receive the best possible coverage. 2. Be Precise with your Insurance Program: With Builders Risk Coverage in particular, there is an exact formula for how coverage is calculated (Total Insurable Value X Number of days). It is important to fully understand your project needs and to deploy your coverage appropriately. Starting coverage too soon or leaving it longer than necessary can significantly impact your margins, while not having coverage in place leaves your project exposed to significant risk. 3. Challenges or Opportunities: Rather than viewing the current market as a challenge, take this opportunity to connect the project team with risk management and redefine your risk mitigation process. Getting out ahead and presenting to the Insurance Market your new proactive controls in place can help change the conversation with the carrier, leading to better conversations and a more fruitful partnership. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Ted on “Overcoming Market Challenges Within Builders Risk” Please like, share, and subscribe to this podcast!